- All three major US indexes were lower Monday.
- The Dow Jones industrial average fell more than 400 points.
- The sell-off came after the Trump administration said it could bar investment in US companies from countries that “are trying to steal our technology.”
- Watch the Dow Jones industrial average in real time here.
Stocks fell in midday trading Monday, with the Dow Jones industrial average down as much as 446 points, amid reports of protectionist policy pushes by the Trump administration that would ramp up trade tensions on multiple fronts.
Here is the scoreboard as of 1 p.m. ET:
Dow Jones industrial average: 24,238.62 −342.27 (-1.39%)
S&P 500: 2,710.75 −44.13 (-1.60%)
Nasdaq: 7,505.05 −187.76 (-2.44%)
New rules that would curb investment in American technology firms are reportedly in the works within the Treasury Department. The Wall Street Journal reported Sunday that the initiatives would block companies with more than 25% Chinese ownership from buying “industrially significant” technology companies. But Treasury Secretary Steven Mnuchin said Monday on Twitter that the rules could be applied to “all countries that are trying to steal our technology.”
Among the biggest Nasdaq decliners was Netflix, which dropped more than 6% to below the key $400 level. Shares of General Electric, which will leave the Dow Jones industrial average on Tuesday, fell as much as 1.5% after the company said it would sell its distributed-power business.
Also Monday, Wisconsin’s Harley-Davidson tumbled more than 6% after saying it would move some production out of the US amid retaliatory tariffs the company said would bring about a “tremendous cost increase.” The move comes after the European Union pushed back on Trump’s steel and aluminum tariffs with its own duties on politically significant US products like motorcycles.
Oil prices fell as part of anticipation for increasing supply, with Brent sliding as much as 2% to under $74 a barrel. The OPEC cartel of oil producers agreed at a summit over the weekend in Vienna to ease supply cuts next month, a move analysts expect to bring 700,000 to 1 million additional barrels a day to the market in coming months.
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